The Philippines Insurance Commission published second-quarter 2026 data showing insurance penetration increased by 0.16 percentage points year on year to 1.96%, driven by higher premium collections. Combined premiums and contributions from life and non-life insurers and mutual benefit associations rose to PHP 282.91 billion from PHP 243.39 billion, while insurance density increased 15.24% to PHP 2,468.63 per person. Life insurance premiums grew 17.91% to PHP 229.98 billion, led largely by variable life products, while non-life net premiums written rose 9.96% to PHP 44.19 billion and mutual benefit association contributions increased 7.06% to PHP 8.73 billion. Industry assets reached PHP 2.76 trillion, up 8.50%, and benefits paid increased 16.69% to PHP 90.87 billion, more than twice the amount paid in the first quarter of 2026.
2026-08-22Philippines Insurance Commission
Philippines Insurance Commission reports insurance penetration rose to 1.96% as premiums reached PHP 282.91 billion
The Philippines Insurance Commission reported that insurance penetration rose by 0.16 percentage points year on year to 1.96% in the second quarter of 2026. Combined premiums and contributions reached PHP 282.91 billion, led by life insurance, while benefits paid increased 16.69% to PHP 90.87 billion.